This is the Global Economic, Commodities, Scrap Metal and Recycling Report, by our BENLEE Roll off Trailer and Lugger Truck, July 19th, 2021.
U.S. Weekly crude steel production rose to 1.852MT, an 83.4% utilization rate, vs., about 91% in mid-2008. Constrained supply continues to bring higher prices.
WTI Crude oil price fell to $71.45/b., the largest weekly drop since March, on oversupply concerns due to COVID’s rapid spread. Yesterday, OPEC and OPEC+ agreed to increase production through 2022.
U.S. weekly crude oil production rose to 13.4M/b/d, still down 13% from pre COVID, 16 months ago. The U.S. drillers want higher prices, so they are limiting supply.
The U.S. Weekly Oil rig count rose to 380, down 76.4% from the 2014’s high. It’s even down about 40% from Pre COVID, 16 months ago.
Scrap steel #1 HMS price remained steady at $461.67/GT a multi-year high. Supply and demand remain in balance as both slowly increase.
Hot Roll Coil Steel Price rose to $90.75/cwt a week ending record and was higher during the week. Demand continues to outstrip supply.
Copper price fell to $4.31 per pound, which is high, but about 10% off the recent record. There is slowing demand and a strong dollar, yet lower Chinese supply.
Aluminum price was pretty steady at $1.12/lb., $2,479/mt, near a multi-year high. This is on good demand and tight supply from China and Russia.
China’s 2nd Q GDP grew at 7.9% year over year, slowing from a record 18.1% in Q1. Factories are slowing, as globally, consumer spending moves to services.
Canadian June housing starts fell to 282,070 annualized, but remain high. Single detached homes were down, as multi-unit were up.
U.S. July U of M consumer sentiment index fell to 80.8, a 5-month low. The subindex of expectations and current conditions fell. Inflation concerns were at an all-time record.
U.S. June Industrial production increased a big 9.8% vs. last year and .4% from May. Manufacturing declined, but utilities rose due to the heat wave. The semiconductor shortage is still hurting vehicle production.
U.S. June retail sales rose a huge 18% vs. last year and up .6% from May. Electronics, appliances and gasoline were up, as vehicles were down.
U.S. June NFIB Small Business optimism index, increased to 102.5, the highest in 8 months. A record 28% of businesses are planning new jobs in the next three months. Hiring, supply chain problems continue, with strong sales.
Wall Street’s Dow Jones industrial average fell 182 points to 34,688. Concerns over rising inflation and surging COVID, hurt markets.
Roll off trailers by BENLEE are clearly the best in safety and uptime. Every BENLEE trailer has the exact same axles, valve, cable etc. that are heavy duty and optimized. This is from our 8 axle extreme trailers for Michigan only, to our best-selling tandem axle Super Mini, the roll off truck replacement.
I would like to introduce BENLEE’s future CEO. Our first grandchild, Benjamin Asher Marcus. Congratulations Jon and Adrienne.